Financing in Ashburn>Question Details

kumar, Home Buyer in Ashburn, VA

Hi I have a ratified contract, I'm looking for lenders who offer 80-10-10 option. The house price is more than 550K but less than 600K.

Asked by kumar, Ashburn, VA Thu Aug 30, 2012

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Kahnkmr007,

Most lenders don't offer the program you want. Nick does and it's good to have options. I don't know him personally but he has a good reputation in our local lending area and his answers on Trulia are always good. That being said I don't recommend the 10% 2nd mortgage. Take a look at that and also the one piece 90% loan that was mentioned. I have that program also and long term that is a much safer route. Yes you have mortgage insurance but it's all on a fixed rate note. The 2nd mortgage if a line of credit is subject to price increases as we move forward. That's why it was mentioned to pay it off in a few years. Plus that loan does expire in a a set period of time, 5 to 10 years probably. My advice would be to talk to me and talk to Nick. Either way you'll get good straight forward advice and you can go from there. I think it's always good to compare a few local lenders anyway.

Thanks,

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
O-240-235-5314
C-301-412-0259
F-240-235-8236
Bmendelson@1stMarinerbank.com
Lending in all 50 states
nmls#111407
0 votes Thank Flag Link Thu Aug 30, 2012
Many of the foreclosures we see today were based on second mortgage loans given out with the first. You really should have your loan officer go over the pros and cons as well as costs of several types of loans so you can compare what is best fo you to void the pitfalls so many others have faced the last 5 years.
0 votes Thank Flag Link Thu Aug 30, 2012
Our bank offers 80/10/10 loans, these are good if you can pre-pay the second in the first couple of years. Also, you may want to consider lender paid mortgage insurance on a 90% single loan, but normally an 80/10/10 option would give you the best financing and flexibility depending on your specific situation. Please contact me if you would like any more information and I would be happy to go over a few different options with you.
0 votes Thank Flag Link Thu Aug 30, 2012
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